Wynn Resorts, Limited Reports Fourth Quarter and Year End 2022 Results

Rhea-AI Summary

Wynn Resorts reported Q4 2022 operating revenues of $1.00 billion, a decrease of $48.2 million from Q4 2021. Net income was $32.4 million or $0.29 per diluted share, recovering from a net loss of $177.2 million in Q4 2021. Adjusted Property EBITDAR rose to $195.1 million, up from $149.1 million in the previous year. For the full year, operating revenues totaled $3.76 billion, unchanged from 2021. Notably, Wynn Macau faced revenue declines, while Las Vegas operations showed growth. The company repurchased 2.95 million shares for $171.3 million throughout 2022 and closed a significant sale-leaseback transaction for Encore Boston Harbor, generating $1.7 billion in cash.

Positive

• Net income for Q4 2022 was $32.4 million, a significant recovery from a net loss of $177.2 million in Q4 2021.
• Adjusted Property EBITDAR for Q4 2022 was $195.1 million, up from $149.1 million in Q4 2021.
• Las Vegas operations revenue increased by $91.6 million compared to Q4 2021.
• Repurchased 2.95 million shares for $171.3 million throughout 2022.
• Successfully completed a sale-leaseback transaction for Encore Boston Harbor, generating $1.7 billion in cash.

Negative

• Fourth quarter revenues decreased by $48.2 million from Q4 2021.
• Wynn Palace and Wynn Macau experienced significant revenue declines in Q4 2022.
• Net loss for the full year 2022 was $423.9 million, though improved from $755.8 million in 2021.
• Adjusted net loss attributable to Wynn Resorts was $507.4 million for the year.

LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the fourth quarter and year ended December 31, 2022.

Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, for the fourth quarter of 2021. Adjusted Property EBITDAR⁽¹⁾ was $195.1 million for the fourth quarter of 2022, compared to Adjusted Property EBITDAR of $149.1 million for the fourth quarter of 2021.

"Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new fourth-quarter record for Adjusted Property EBITDAR at our combined North American properties. For the full year of 2022, these properties generated $1.04 billion of Adjusted Property EBITDAR, a record for us by a wide margin. These impressive results are a testament to our team’s relentless focus on delivering five-star hospitality, which continues to elevate our properties above our peers as the destinations of choice for luxury guests in both Las Vegas and Massachusetts," said Craig Billings, CEO of Wynn Resorts, Limited. "In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth."

Consolidated Results

Operating revenues were $1.00 billion for the fourth quarter of 2022, a decrease of $48.2 million, from $1.05 billion for the fourth quarter of 2021. Operating revenues for the fourth quarter of 2022 increased $91.6 million and $14.4 million at our Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $80.9 million, $54.5 million, and $7.8 million at Wynn Palace, Wynn Macau, and Wynn Interactive, respectively, from the fourth quarter of 2021.

Net income attributable to Wynn Resorts, Limited was $32.4 million, or $0.29 per diluted share, for the fourth quarter of 2022, compared to net loss attributable to Wynn Resorts, Limited of $177.2 million, or $1.54 per diluted share, in the fourth quarter of 2021. Adjusted net loss attributable to Wynn Resorts, Limited⁽²⁾ was $138.7 million, or $1.23 per diluted share, for the fourth quarter of 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $157.4 million, or $1.37 per diluted share, for the fourth quarter of 2021.

Adjusted Property EBITDAR was $195.1 million for the fourth quarter of 2022, compared to $149.1 million for the fourth quarter of 2021. Adjusted Property EBITDAR for the fourth quarter of 2022 increased $33.1 million and $51.1 million at our Las Vegas Operations and Wynn Interactive, respectively, and decreased $22.5 million, $10.7 million, and $5.0 million at Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the fourth quarter of 2021.

For the year ended December 31, 2022, operating revenues were $3.76 billion, flat compared to operating revenues for the year ended December 31, 2021. Operating revenues for the year ended December 31, 2022 increased $628.5 million, $139.6 million, and $12.6 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $472.7 million and $314.8 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021.

Net loss attributable to Wynn Resorts, Limited was $423.9 million, or $3.73 per diluted share for the year ended December 31, 2022, compared to net loss attributable to Wynn Resorts, Limited of $755.8 million, or $6.64 per diluted share for the year ended December 31, 2021. Adjusted net loss attributable to Wynn Resorts, Limited was $507.4 million, or $4.47 per diluted share, for the year ended December 31, 2022, compared to adjusted net loss attributable to Wynn Resorts, Limited of $695.8 million, or $6.12 per diluted share, for the year ended December 31, 2021.

Adjusted Property EBITDAR was $725.4 million for the year ended December 31, 2022, compared to $569.4 million for the year ended December 31, 2021. Adjusted Property EBITDAR for the year ended December 31, 2022 increased $270.2 million, $33.3 million, and $168.9 million at our Las Vegas Operations, Encore Boston Harbor, and Wynn Interactive, respectively, and decreased $188.2 million and $128.3 million at Wynn Palace and Wynn Macau, respectively, from the year ended December 31, 2021.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $113.1 million for the fourth quarter of 2022, a decrease of $80.9 million from $194.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Palace was $(23.9) million for the fourth quarter of 2022, compared to $(1.4) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 0.11%, below the property's expected range of 3.1% to 3.4% and below the 2.59% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 23.3%, above the 22.7% experienced in the fourth quarter of 2021.

Wynn Macau

Operating revenues from Wynn Macau were $77.2 million for the fourth quarter of 2022, a decrease of $54.5 million from $131.7 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Wynn Macau was $(35.2) million for the fourth quarter of 2022, compared to $(24.5) million for the fourth quarter of 2021. VIP table games win as a percentage of turnover was 1.20%, below the property's expected range of 3.1% to 3.4% and below the 2.85% experienced in the fourth quarter of 2021. Table games win percentage in mass market operations was 17.2%, slightly below the 17.4% experienced in the fourth quarter of 2021.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $585.5 million for the fourth quarter of 2022, an increase of $91.6 million from $493.9 million for the fourth quarter of 2021. Adjusted Property EBITDAR from our Las Vegas Operations for the fourth quarter of 2022 was $219.3 million, compared to $186.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.2%, below the property's expected range of 22% to 26% and above the 20.8% experienced in the fourth quarter of 2021.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $218.3 million for the fourth quarter of 2022, an increase of $14.4 million from $204.0 million for the fourth quarter of 2021. Adjusted Property EBITDAR from Encore Boston Harbor for the fourth quarter of 2022 was $63.3 million, compared to $68.2 million for the fourth quarter of 2021. Table games win percentage for the fourth quarter of 2022 was 21.9%, within the property's expected range of 18% to 22% and below the 22.2% experienced in the fourth quarter of 2021.

Balance Sheet

Our cash and cash equivalents as of December 31, 2022 totaled $3.65 billion, comprised of $951.9 million held by Wynn Macau, Limited ("WML") and subsidiaries, $2.31 billion held by Wynn Resorts Finance excluding WML, and $395.1 million held at Corporate and other. As of December 31, 2022, the available borrowing capacity under the Wynn Resorts Finance Revolver was $837.0 million, and the WM Cayman II Revolver was fully drawn.

Total current and long-term debt outstanding at December 31, 2022 was $12.12 billion, comprised of $6.19 billion of Macau related debt, $3.14 billion of Wynn Las Vegas debt, $2.17 billion of Wynn Resorts Finance debt, and $613.5 million of debt held by the retail joint venture which we consolidate.

In the fourth quarter of 2022, the Company repurchased 82,900 shares of common stock at an average price of $59.08 per share, for an aggregate cost of $4.9 million, bringing our total repurchases for the year ended December 31, 2022 to 2,956,331 shares of common stock for an aggregate cost of $171.3 million.

In December 2022, we closed on our sale-leaseback arrangement with respect to certain real estate assets related to Encore Boston Harbor (the "EBH Transaction"). Upon closing of the EBH Transaction, we received cash proceeds of approximately $1.7 billion in exchange for the sale of such real estate assets, and concurrently entered into a lease agreement for the purpose of continuing to operate the Encore Boston Harbor integrated resort. The lease agreement provides for an initial annual minimum rent of $100.0 million for an initial term of 30 years, subject to certain annual rent escalations and renewal provisions. We expect to use the proceeds from the EBH Transaction in accordance with the reinvestment and asset sale provisions of our senior secured credit facilities.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on February 8, 2023 at 1:15 p.m. PT (4:15 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com.

On or before March 31, 2023, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended December 31, 2022 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.

Forward-looking Statements

This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, adverse macroeconomic conditions and their impact on levels of income and consumer discretionary spending, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, the COVID-19 pandemic and the reimposition of restrictions on the general public or certain activities, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, general global political conditions, adverse tourism trends, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction risks, cybersecurity risk and our leverage and debt service. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

(1) "Adjusted Property EBITDAR" is net income (loss) before interest, income taxes, depreciation and amortization, pre-opening expenses, gain on EBH Transaction, net, property charges and other, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on extinguishment of debt, and other non-operating income and expenses. We use Adjusted Property EBITDAR to manage the operating results of our segments. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations preopening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income (loss), Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

(2) "Adjusted net loss attributable to Wynn Resorts, Limited" is net income (loss) attributable to Wynn Resorts, Limited before pre-opening expenses, gain on EBH Transaction, net, property charges and other, change in derivatives fair value, loss on extinguishment of debt, and foreign currency remeasurement and other, net of noncontrolling interests. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net loss and loss per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net loss attributable to Wynn Resorts, Limited and adjusted net loss attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.

The Company has included schedules in the tables that accompany this release that reconcile (i) net income (loss) attributable to Wynn Resorts, Limited to adjusted net loss attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income (loss) attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2022				2021				2022				2021
Operating revenues:
Casino	$	423,218			$	518,192			$	1,632,541			$	2,133,420
Rooms		233,252				204,799				802,138				592,571
Food and beverage		217,648				198,759				846,214				633,911
Entertainment, retail and other		130,819				131,374				475,932				403,762
Total operating revenues		1,004,937				1,053,124				3,756,825				3,763,664
Operating expenses:
Casino		291,757				345,201				1,099,801				1,394,098
Rooms		69,869				61,547				261,343				197,734
Food and beverage		183,034				161,682				700,549				516,391
Entertainment, retail and other		91,676				150,386				328,529				450,358
General and administrative		232,017				221,923				830,450				796,592
Provision for credit losses		4,036				22,026				(7,295	)			29,487
Pre-opening		7,247				1,366				20,643				6,821
Depreciation and amortization		172,292				170,424				692,318				715,962
Gain on EBH Transaction, net		(181,989	)			—				(181,989	)			—
Property charges and other		35,790				24,193				113,152				50,762
Total operating expenses		905,729				1,158,748				3,857,501				4,158,205
Operating income (loss)		99,208				(105,624	)			(100,676	)			(394,541	)
Other income (expense):
Interest income		18,895				1,082				29,758				3,213
Interest expense, net of amounts capitalized		(178,620	)			(151,961	)			(650,885	)			(605,562	)
Change in derivatives fair value		1,155				4,803				15,956				11,360
Loss on extinguishment of debt		—				—				—				(2,060	)
Other		31,901				(6,602	)			5,811				(23,926	)
Other income (expense), net		(126,669	)			(152,678	)			(599,360	)			(616,975	)
Loss before income taxes		(27,461	)			(258,302	)			(700,036	)			(1,011,516	)
Benefit (provision) for income taxes		(6,084	)			1,871				(9,332	)			(474	)
Net loss		(33,545	)			(256,431	)			(709,368	)			(1,011,990	)
Less: net loss attributable to noncontrolling interests		65,956				79,241				285,512				256,204
Net income (loss) attributable to Wynn Resorts, Limited	$	32,411			$	(177,190	)		$	(423,856	)		$	(755,786	)
Basic and diluted income (loss) per common share:
Net income (loss) attributable to Wynn Resorts, Limited:
Basic	$	0.29			$	(1.54	)		$	(3.73	)		$	(6.64	)
Diluted	$	0.29			$	(1.54	)		$	(3.73	)		$	(6.64	)
Weighted average common shares outstanding:
Basic		112,321				114,768				113,623				113,760
Diluted		112,795				114,768				113,623				113,760

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET LOSS ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2022				2021				2022				2021
Net income (loss) attributable to Wynn Resorts, Limited	$	32,411			$	(177,190	)		$	(423,856	)		$	(755,786	)
Pre-opening expenses		7,247				1,366				20,643				6,821
Gain on EBH Transaction, net		(181,989	)			—				(181,989	)			—
Property charges and other		35,790				24,193				113,152				50,762
Change in derivatives fair value		(1,155	)			(4,803	)			(15,956	)			(11,360	)
Loss on extinguishment of debt		—				—				—				2,060
Foreign currency remeasurement and other		(31,901	)			6,602				(5,811	)			23,926
Income tax impact on adjustments		(198	)			87				(294	)			—
Noncontrolling interests impact on adjustments		1,110				(7,610	)			(13,317	)			(12,206	)
Adjusted net loss attributable to Wynn Resorts, Limited	$	(138,685	)		$	(157,355	)		$	(507,428	)		$	(695,783	)
Adjusted net loss attributable to Wynn Resorts, Limited per diluted share	$	(1.23	)		$	(1.37	)		$	(4.47	)		$	(6.12	)
Weighted average common shares outstanding - diluted		112,795				114,768				113,623				113,760

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
	Three Months Ended December 31, 2022
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(105,945	)		$	(65,599	)		$	(9,801	)		$	(181,345	)		$	121,311		$	184,411			$	(50,642	)		$	25,473			$	99,208
Pre-opening expenses		—				—				—				—				5,420			15				1,511				301				7,247
Depreciation and amortization		52,817				20,364				381				73,562				55,865			35,610				4,974				2,281				172,292
Gain on EBH Transaction, net		—				—				—				—				—			(181,989	)			—				—				(181,989	)
Property charges and other		20,378				2,116				16				22,510				361			692				12,908				(681	)			35,790
Management and license fees		3,809				2,508				—				6,317				27,996			10,654				—				(44,967	)			—
Corporate expenses and other		1,352				1,373				8,718				11,443				5,874			1,743				373				12,301				31,734
Stock-based compensation		3,654				4,069				686				8,409				2,424			345				2,588				5,292				19,058
Triple-net operating lease rent expense		—				—				—				—				—			11,773				—				—				11,773
Adjusted Property EBITDAR	$	(23,935	)		$	(35,169	)		$	—			$	(59,104	)		$	219,251		$	63,254			$	(28,288	)		$	—			$	195,113

	Three Months Ended December 31, 2021
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(62,718	)		$	(61,821	)		$	(3,708	)		$	(128,247	)		$	98,505		$	15,557			$	(109,943	)		$	18,504			$	(105,624	)
Pre-opening expenses		—				—				—				—				852			—				514				—				1,366
Depreciation and amortization		51,959				20,424				978				73,361				48,463			39,142				7,225				2,233				170,424
Property charges and other		(281	)			7,513				—				7,232				5,286			1,014				10,661				—				24,193
Management and license fees		6,179				4,192				—				10,371				23,669			9,922				—				(43,962	)			—
Corporate expenses and other		1,197				1,276				2,170				4,643				7,124			2,403				8,529				15,837				38,536
Stock-based compensation		2,274				3,922				560				6,756				2,260			186				3,615				7,388				20,205
Adjusted Property EBITDAR	$	(1,390	)		$	(24,494	)		$	—			$	(25,884	)		$	186,159		$	68,224			$	(79,399	)		$	—			$	149,100

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited) (continued)
	Year Ended December 31, 2022
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(357,666	)		$	(247,727	)		$	(22,190	)		$	(627,583	)		$	450,073		$	209,962			$	(240,111	)		$	106,983			$	(100,676	)
Pre-opening expenses		—				—				—				—				15,451			214				4,677				301				20,643
Depreciation and amortization		207,110				81,114				2,709				290,933				199,973			152,906				39,422				9,084				692,318
Gain on EBH Transaction, net		—				—				—				—				—			(181,989	)			—				—				(181,989	)
Property charges and other		23,296				11,482				43				34,821				3,680			1,366				81,051				(7,766	)			113,152
Management and license fees		13,895				11,354				—				25,249				101,170			40,464				—				(166,883	)			—
Corporate expenses and other		6,081				6,283				16,980				29,344				22,736			7,125				5,877				37,457				102,539
Stock-based compensation		10,727				13,447				2,458				26,632				8,012			1,565				10,594				20,824				67,627
Triple-net operating lease rent expense		—				—				—				—				—			11,773				—				—				11,773
Adjusted Property EBITDAR	$	(96,557	)		$	(124,047	)		$	—			$	(220,604	)		$	801,095		$	243,386			$	(98,490	)		$	—			$	725,387

	Year Ended December 31, 2021
	Wynn Palace				Wynn Macau				Other Macau				Total Macau Operations				Las Vegas Operations			Encore Boston Harbor				Wynn Interactive				Corporate and Other				Total
Operating income (loss)	$	(202,379	)		$	(132,362	)		$	(13,507	)		$	(348,248	)		$	216,218		$	6,408			$	(351,125	)		$	82,206			$	(394,541	)
Pre-opening expenses		898				—				—				898				4,424			170				1,329				—				6,821
Depreciation and amortization		244,939				83,486				4,223				332,648				192,506			156,592				25,237				8,979				715,962
Property charges and other		3,792				10,322				21				14,135				11,545			2,337				23,161				(416	)			50,762
Management and license fees		29,166				20,401				—				49,567				71,621			33,505				—				(154,693	)			—
Corporate expenses and other		4,739				5,180				7,022				16,941				23,930			9,160				14,527				30,641				95,199
Stock-based compensation		10,491				17,182				2,241				29,914				10,634			1,896				19,511				33,283				95,238
Adjusted Property EBITDAR	$	91,646			$	4,209			$	—			$	95,855			$	530,878		$	210,068			$	(267,360	)		$	—			$	569,441

WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR(in thousands) (unaudited)
	Three Months Ended December 31,								Year Ended December 31,
	2022				2021				2022				2021
Net income (loss) attributable to Wynn Resorts, Limited	$	32,411			$	(177,190	)		$	(423,856	)		$	(755,786	)
Net loss attributable to noncontrolling interests		(65,956	)			(79,241	)			(285,512	)			(256,204	)
Pre-opening expenses		7,247				1,366				20,643				6,821
Depreciation and amortization		172,292				170,424				692,318				715,962
Gain on EBH Transaction, net		(181,989	)			—				(181,989	)			—
Property charges and other		35,790				24,193				113,152				50,762
Triple-net operating lease rent expense		11,773				—				11,773				—
Corporate expenses and other		31,734				38,536				102,539				95,199
Stock-based compensation		19,058				20,205				67,627				95,238
Interest income		(18,895	)			(1,082	)			(29,758	)			(3,213	)
Interest expense, net of amounts capitalized		178,620				151,961				650,885				605,562
Change in derivatives fair value		(1,155	)			(4,803	)			(15,956	)			(11,360	)
Loss on extinguishment of debt		—				—				—				2,060
Other		(31,901	)			6,602				(5,811	)			23,926
(Benefit) provision for income taxes		6,084				(1,871	)			9,332				474
Adjusted Property EBITDAR	$	195,113			$	149,100			$	725,387			$	569,441

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
	Three Months Ended December 31,										Year Ended December 31,
	2022				2021				Percent Change		2022				2021				Percent Change
Wynn Palace Supplemental Information
Operating revenues
Casino	$	68,918			$	145,877			(52.8)		$	255,886			$	677,917			(62.3)
Rooms		12,266				15,488			(20.8)			40,079				69,022			(41.9)
Food and beverage		11,519				11,556			(0.3)			35,546				47,985			(25.9)
Entertainment, retail and other		20,362				21,066			(3.3)			78,778				88,083			(10.6)
Total	$	113,065			$	193,987			(41.7)		$	410,289			$	883,007			(53.5)
Adjusted Property EBITDAR (6)	$	(23,935	)		$	(1,390	)		NM		$	(96,557	)		$	91,646			NM
Casino Statistics:
VIP:
Average number of table games		50				87			(42.5)			53				93			(43.0)
VIP turnover	$	1,047,561			$	1,189,652			(11.9)		$	2,641,321			$	6,435,947			(59.0)
VIP table games win (1)	$	1,118			$	30,798			(96.4)		$	23,471			$	253,767			(90.8)
VIP table games win as a % of turnover		0.11	%			2.59	%					0.89	%			3.94	%
Table games win per unit per day	$	245			$	3,845			(93.6)		$	1,259			$	7,443			(83.1)
Mass market:
Average number of table games		237				235			0.9			229				229			—
Table drop (2)	$	373,312			$	592,050			(36.9)		$	1,312,786			$	2,415,841			(45.7)
Table games win (1)	$	86,933			$	134,219			(35.2)		$	282,138			$	540,234			(47.8)
Table games win %		23.3	%			22.7	%					21.5	%			22.4	%
Table games win per unit per day	$	3,987			$	6,197			(35.7)		$	3,489			$	6,463			(46.0)
Average number of slot machines		578				715			(19.2)			623				710			(12.3)
Slot machine handle	$	229,341			$	347,518			(34.0)		$	732,197			$	1,454,577			(49.7)
Slot machine win (3)	$	8,306			$	13,599			(38.9)		$	31,295			$	58,152			(46.2)
Slot machine win per unit per day	$	156			$	207			(24.6)		$	142			$	224			(36.6)
Room statistics:
Occupancy		50.1	%			50.9	%					38.4	%			58.5	%
ADR (4)	$	146			$	185			(21.1)		$	156			$	182			(14.3)
REVPAR (5)	$	73			$	94			(22.3)		$	60			$	107			(43.9)

NM - Not meaningful.

Note: The results of operations of Wynn Palace for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
	Three Months Ended December 31,										Year Ended December 31,
	2022				2021				Percent Change		2022				2021				Percent Change
Wynn Macau Supplemental Information
Operating revenues
Casino	$	51,418			$	97,389			(47.2)		$	216,639			$	476,999			(54.6)
Rooms		7,144				11,467			(37.7)			25,691				50,492			(49.1)
Food and beverage		7,456				8,800			(15.3)			25,334				32,420			(21.9)
Entertainment, retail and other		11,180				14,018			(20.2)			43,585				66,104			(34.1)
Total	$	77,198			$	131,674			(41.4)		$	311,249			$	626,015			(50.3)
Adjusted Property EBITDAR (6)	$	(35,169	)		$	(24,494	)		NM		$	(124,047	)		$	4,209			NM
Casino Statistics:
VIP:
Average number of table games		52				74			(29.7)			41				81			(49.4)
VIP turnover	$	429,575			$	858,131			(49.9)		$	1,771,143			$	5,488,118			(67.7)
VIP table games win (1)	$	5,135			$	24,440			(79.0)		$	55,999			$	155,064			(63.9)
VIP table games win as a % of turnover		1.20	%			2.85	%					3.16	%			2.83	%
Table games win per unit per day	$	1,074			$	3,596			(70.1)		$	3,828			$	5,250			(27.1)
Mass market:
Average number of table games		217				240			(9.6)			235				240			(2.1)
Table drop (2)	$	317,801			$	527,159			(39.7)		$	1,170,633			$	2,230,348			(47.5)
Table games win (1)	$	54,695			$	91,517			(40.2)		$	189,769			$	412,753			(54.0)
Table games win %		17.2	%			17.4	%					16.2	%			18.5	%
Table games win per unit per day	$	2,740			$	4,146			(33.9)		$	2,284			$	4,720			(51.6)
Average number of slot machines		691				600			15.2			646				587			10.1
Slot machine handle	$	218,935			$	254,966			(14.1)		$	895,466			$	1,057,303			(15.3)
Slot machine win (3)	$	7,867			$	6,909			13.9		$	31,768			$	35,483			(10.5)
Slot machine win per unit per day	$	124			$	125			(0.8)		$	139			$	166			(16.3)
Room statistics:
Occupancy		51.8	%			55.2	%					41.1	%			58.8	%
ADR (4)	$	135			$	204			(33.8)		$	154			$	213			(27.7)
REVPAR (5)	$	70			$	112			(37.5)		$	63			$	125			(49.6)

NM - Not meaningful.

Note: The results of operations of Wynn Macau for the three and twelve months ended December 31, 2022 and 2021 were negatively impacted by the closure of our casino operations in Macau for a 12-day period in July 2022 and certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
	Three Months Ended December 31,										Year Ended December 31,
	2022				2021				Percent Change		2022				2021				Percent Change
Las Vegas Operations Supplemental Information
Operating revenues
Casino	$	141,349			$	121,187			16.6		$	535,279			$	426,440			25.5
Rooms		190,584				159,527			19.5			651,291				425,777			53.0
Food and beverage		176,126				156,197			12.8			702,515				489,587			43.5
Entertainment, retail and other		77,433				56,985			35.9			243,051				161,877			50.1
Total	$	585,492			$	493,896			18.5		$	2,132,136			$	1,503,681			41.8
Adjusted Property EBITDAR (6)	$	219,251			$	186,159			17.8		$	801,095			$	530,878			50.9
Casino Statistics:
Average number of table games		234				224			4.5			234				210			11.4
Table drop (2)	$	590,693			$	584,060			1.1		$	2,274,010			$	1,842,792			23.4
Table games win (1)	$	125,441			$	121,256			3.5		$	511,746			$	407,195			25.7
Table games win %		21.2	%			20.8	%					22.5	%			22.1	%
Table games win per unit per day	$	5,823			$	5,879			(1.0)		$	5,990			$	5,323			12.5
Average number of slot machines		1,678				1,743			(3.7)			1,703				1,688			0.9
Slot machine handle	$	1,591,100			$	1,316,154			20.9		$	5,617,775			$	4,379,421			28.3
Slot machine win (3)	$	115,802			$	87,866			31.8		$	394,052			$	297,548			32.4
Slot machine win per unit per day	$	750			$	548			36.9		$	634			$	483			31.3
Poker rake	$	6,950			$	5,848			18.8		$	19,680			$	14,552			35.2
Room statistics:
Occupancy		89.9	%			86.3	%					86.7	%			69.5	%
ADR (4)	$	492			$	441			11.6		$	454			$	386			17.6
REVPAR (5)	$	443			$	380			16.6		$	393			$	268			46.6

WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
	Three Months Ended December 31,										Year Ended December 31,
	2022				2021				Percent Change		2022				2021				Percent Change
Encore Boston Harbor Supplemental Information
Operating revenues
Casino	$	161,534			$	153,739			5.1		$	624,738			$	552,064			13.2
Rooms		23,259				18,317			27.0			85,078				47,280			79.9
Food and beverage		22,546				22,206			1.5			82,818				63,919			29.6
Entertainment, retail and other		11,001				9,716			13.2			38,439				28,260			36.0
Total	$	218,340			$	203,978			7.0		$	831,073			$	691,523			20.2
Adjusted Property EBITDAR (6)	$	63,254			$	68,224			(7.3)		$	243,386			$	210,068			15.9
Casino Statistics:
Average number of table games		194				181			7.2			187				189			(1.1)
Table drop (2)	$	370,590			$	377,131			(1.7)		$	1,447,851			$	1,267,908			14.2
Table games win (1)	$	81,032			$	83,858			(3.4)		$	315,057			$	273,174			15.3
Table games win %		21.9	%			22.2	%					21.8	%			21.5	%
Table games win per unit per day	$	4,546			$	5,033			(9.7)		$	4,604			$	3,959			16.3
Average number of slot machines		2,601				2,741			(5.1)			2,716				2,387			13.8
Slot machine handle	$	1,303,782			$	1,172,909			11.2		$	5,007,772			$	4,377,181			14.4
Slot machine win (3)	$	103,846			$	95,630			8.6		$	402,688			$	358,827			12.2
Slot machine win per unit per day	$	434			$	379			14.5		$	406			$	412			(1.5)
Poker rake	$	4,895			$	—			NM		$	9,476			$	—			NM
Room statistics:
Occupancy		93.9	%			87.2	%					91.4	%			85.2	%
ADR (4)	$	404			$	341			18.5		$	382			$	328			16.5
REVPAR (5)	$	380			$	297			27.9		$	349			$	279			25.1

NM - Not meaningful.
Note: Encore Boston Harbor's room statistics have been computed based on 250 days of operations for the year ended December 31, 2021, representing the actual number of days the hotel was open.
(1)		Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2)		In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3)		Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4)		ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5)		REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6)		Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income (Loss) Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005149/en/

Amir Markowitz

702-770-7555

investorrelations@wynnresorts.com

Source: Wynn Resorts, Limited

FAQ

What were Wynn Resorts' Q4 2022 operating revenues?

Wynn Resorts reported Q4 2022 operating revenues of $1.00 billion.

How much was the net income for Wynn Resorts in Q4 2022?

The net income attributable to Wynn Resorts in Q4 2022 was $32.4 million.

What was the adjusted Property EBITDAR for Wynn Resorts in Q4 2022?

Adjusted Property EBITDAR for Q4 2022 was $195.1 million.

What were the full year operating revenues for Wynn Resorts in 2022?

Wynn Resorts' total operating revenues for the year ended December 31, 2022, were $3.76 billion.

What significant transaction did Wynn Resorts complete in 2022?

Wynn Resorts completed a sale-leaseback transaction for Encore Boston Harbor, generating approximately $1.7 billion in cash.